More on Cars and Mosaics – Dana Holdings

Keeping with the car theme (American Axle, $AXL, this morning and Autozone, $AZO, for earnings today) there is another supplier of drive trains and such that also has a great mosaic in the chart, Dana Holding, $DAN.

dan

The chart above shows that it created a failed Butterfly Harmonic, but with a Potential Reversal Zone (PRZ), the point where it is likely to turn bearish, at 21, and is holding higher. The consolidation channel gives a second positive point. After the move higher from 16.75 , a break over 23 carries a Measured Move to 26.25. The picture gets better when looking at the momentum indicators. The Relative Strength Index (RSI) is in bullish territory and trending higher and the Moving Average Convergence Divergence indicator (MACD) has crossed to positive a few days ago and is rising.

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